BoG intensifies protection against cyber attacks

The Bank of Ghana (BoG) has disclosed that it has secured mechanisms to protect Ghana’s financial system from potential cyber attacks.

To this end, the central bank has engaged the services of a provider to help secure the data of financial institutions.

The First Deputy Governor of the Bank of Ghana, Mr. Millison Narh who announced this also indicated that the move is necessary to sanitise Ghana’s financial space at a time that it is gaining much patronage.

“We have already procured the services of a provider and they are working seriously towards helping the sector to have control over these cyber attacks that are now very rampant and are destroying many financial systems,” he stated.

Mr. Millison Narh was speaking at the 10th anniversary of the Ghana Interbank Payment and Settlement Systems(GhIPSS) at the Movenpick Hotel in Accra.

He also assured of intensified control by the regulator to protect data of financial institutions.

Suggestions to develop Ghana’s cyber space have intensified recently.

This has become apparent despite the fact that there were no official reports that Ghana has been affected by the recent cyber attack that affected over one hundred computers in 99 countries early this month.

Mr. Narh also explained that the Central Bank has advanced processes on guidelines on protecting critical data.

“The Bank of Ghana is also in the process of issuing guidelines for the establishment of cyber security protocols and procedures for routine and emerging scenarios, physical security measures for IT centres and control rooms to ensure data security at the highest level,” he added.

Meanwhile, the BoG has assured of regular monitoring to protect consumers as well as service providers.

“It is therefore important to ensure that the security of electronic banking products and services are not compromised. As a regulator, the Bank of Ghana will continue to exercise firm oversight of the finance system as needed to safeguard the soundness and integrity of the financial system,” he assured.